Key facts
What the official sources publish
Every value belongs to this exact product. Expand any fact to inspect its official evidence in place.
Deposit purposeReceives motor-accident compensation awarded by a Tribunal or Court and repays it as monthly annuity instalments containing principal and interestView source
is not a freely chosen retail annuity investment; it is tied to a motor-accident compensation award.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — purpose
- Accessed
- 12 Aug 2026
- Confidence
- high
Eligible holdersIndividuals, including minors through a guardian, in a single nameView source
Joint holding is not listed; the page expressly requires single-name holding.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Eligibility and Features — Mode of Holding
- Accessed
- 12 Aug 2026
- Confidence
- high
Deposit amountPrincipal is calculated to provide at least ₹1,000 monthly annuity for the directed period; no published maximumView source
A fixed minimum principal is not inferred because it varies with the directed period and applicable rate.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — Deposit Amount
- Accessed
- 12 Aug 2026
- Confidence
- high
MACAD period36 to 216 months as directed by the Tribunal or Court; a period under 36 months is opened as a normal term depositView source
The claimant does not independently choose outside the Tribunal or Court's direction.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — Tenure
- Accessed
- 12 Aug 2026
- Confidence
- high
Current public-rate basis6.30% p.a. for 36 months to under 5 years; 6.05% from 5 years onward, with the 120-month rate applied beyond 120 monthsEffective 15 Dec 2025View source
The product page applies the prevailing tenor rate and says the 120-month rate controls maturities beyond 120 months. No senior-citizen premium is projected because the reviewed page does not state one.
- Source
- Retail Domestic Term Deposit Rates
- Page / section
- Public tenor rows from 3 years through 10 years, combined with over-120-month rule
- Accessed
- 12 Aug 2026
- Confidence
- high
Monthly annuity scheduleStarts on the anniversary date in the month after deposit; if the corresponding 29th, 30th or 31st does not exist, payment is on the first day of the next monthView source
The annuity includes part of principal plus interest rather than interest alone.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — Payment of annuity
- Accessed
- 12 Aug 2026
- Confidence
- high
Required payment accountAnnuity, premature-closure and part-lump-sum payments are made only through the linked MACT Claims Savings Bank AccountView source
The separately catalogued savings account receives these payments; the two products are not interchangeable.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — linked account payment rule
- Accessed
- 12 Aug 2026
- Confidence
- high
Account evidenceA MACAD passbook is issued and no deposit receipt is issued; a normal term deposit under 36 months receives deposit adviceView source
The under-36-month evidence applies to the substituted normal term deposit, not itself.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — receipts, passbook and normal-term-deposit advice
- Accessed
- 12 Aug 2026
- Confidence
- high
Loan or advanceNot allowed against MACADView source
This differs from general Annuity Deposit Scheme, which may allow a special-case loan or overdraft.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — loan restriction
- Accessed
- 12 Aug 2026
- Confidence
- high
NominationAvailable and must be completed as directed by the Tribunal or CourtView source
Nomination is not presented as an unrestricted depositor choice; the judicial direction controls it.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — Nomination
- Accessed
- 12 Aug 2026
- Confidence
- high
Account transferNot allowed without permission from the Tribunal or CourtView source
No ordinary branch-transfer entitlement is published for .
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Features — Account Transfer
- Accessed
- 12 Aug 2026
- Confidence
- high
Premature closure or part lump sumRequires Tribunal or Court permission; no premature-closure penalty is chargedView source
No penalty does not mean no adjustment: recovers excess interest paid before releasing funds.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Terms And Conditions — premature closure and part lump sum
- Accessed
- 12 Aug 2026
- Confidence
- high
Early-payment interest adjustmentThe elapsed-period rate applies and excess interest is recovered from outstanding principal; payment is refused if principal is insufficientView source
This recovery applies even though says no premature-closure penalty is charged.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Terms And Conditions — premature closure
- Accessed
- 12 Aug 2026
- Confidence
- high
Balance after part lump-sum paymentAfter excess-interest recovery, the residual balance is reissued for the remaining tenure at the then-current rate; if under 36 months, it becomes a normal term depositView source
Part payment is refused if the residual balance cannot cover excess interest already paid.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Terms And Conditions — part lump-sum payment
- Accessed
- 12 Aug 2026
- Confidence
- high
Claimant deathPayment goes to the nominee, who may continue the annuity or request pre-closureView source
The page assigns the continuation or pre-closure choice to the nominee.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Terms And Conditions — death of claimant
- Accessed
- 12 Aug 2026
- Confidence
- high
Tax deduction at sourceMonthly annuity is credited net of TDS under Income Tax rules; eligible depositors may submit Form 15G or 15H for exemption under applicable rulesView source
No fixed rate or eligibility threshold is inferred from the product page.
- Source
- Motor Accident Claims Annuity Deposit
- Page / section
- Terms And Conditions —
- Accessed
- 12 Aug 2026
- Confidence
- high
Senior-citizen rateFor retail deposits below ₹3 crore, the senior-citizen rate is 3.55% for 7–45 days, 5.40% for 46–179 days, 6.15% for 180–210 days, 6.40% for 211 days to under 1 year, 6.75% for 1 to under 2 years, 6.90% for 2 to under 3 years, 6.80% for 3 to under 5 years, and 7.05% for 5 to 10 years. Rates are effective 15 December 2025; the 5–10-year rate includes the 50-basis-point SBI We-care premium.Effective 15 Dec 2025View source
The issuer publishes separate revised senior-citizen rows for each tenor and notes that We-care adds 50 bps to the 5–10-year rate.
- Source
- Retail Domestic Term Deposits - Interest Rates
- Page / section
- Revision in Interest Rates on Retail Domestic Term Deposits (Below ₹3 crore)
- Accessed
- 28 Aug 2026
- Confidence
- high
Minimum depositThe minimum principal is calculated to provide a monthly annuity of at least ₹1,000 for the Tribunal/
states that the minimum deposit is based on a minimum monthly annuity payment of ₹1,000 and that the maximum deposit is unlimited.
- Source
- Motor Accident Claims Annuity (Term) Deposit Account ()
- Page / section
- Features — Deposit Amount
- Accessed
- 28 Aug 2026
- Confidence
- high
Interest payout / redemptionCourt-directed monthly return of motor-accident compensationView source
The manually reviewed product record states: “Court-directed monthly return of motor-accident compensation”.
- Source
- Motor Accident Claims Annuity Deposit — official product page
- Page / section
- Published product metadata
- Accessed
- 12 Aug 2026
- Confidence
- high
Benefits and features
- Court-directed monthly return of motor-accident compensation
- Principal-plus-interest annuity for periods up to 216 months
- No published maximum compensation deposit
- No premature-closure penalty when judicial permission is obtained
- Nominee may continue or close the annuity after claimant death
Eligibility
- is available only for individual motor-accident claimants, including minors through a guardian, in a single name.
- The Tribunal or Court controls the tenure, nomination, transfer and any premature or part-lump-sum payment.
- A linked Claims Savings Bank Account is required for all annuity and permitted early payments.
- No loan or advance is allowed against .
- Although no premature penalty applies, excess interest already paid is recovered and may prevent an early or part payment if the balance is insufficient.
- The embedded home-loan promotional widget is unrelated; deposit rates shown here use the reviewed retail term-deposit table.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Tribunal or Court award and directions
- and claimant or guardian documents applicable under current rules
- Linked Claims Savings Bank Account details
- Tribunal or Court permission for account transfer, premature closure or part lump-sum payment where applicable
Related official documents
Motor Accident Claims Annuity (Term) Deposit Account (MACAD) — official product pageofficial-product-page · current · accessed 28 Aug 2026
↗SBI Retail Domestic Term Deposit Ratesofficial-rate-table · current · accessed 12 Aug 2026
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